Yup, those are the differences.
First one requires a query for every page load, second one doesn't, though "more setup" - it's 1 step, in which you upload a file to your admin directory and run it, that's about it for `more setup`.....
If you don't constantly add / remove more Styles to/from your site, or if you don't have much space for the drop down box in your header (me for both) then the hardcoded version is your best choice